Commercial Management Agreement (Page 2 of 4) in pdf

services deemed necessary by LANDLORD and/or BROKER or to comply with applicable building housing, and

health codes, and to determine that such services were preformed in a proper and prescribed manner.

LANDLORD’S approval shall be obtained on each improvement, maintenance or repair item that shall exceed

two hundred dollars ($200.00) in cost, except for emergency repairs. In case of emergency, i.e. air

conditioning, heat, refrigerator, range or plumbing or any other repair the BROKER deems an emergency and

or necessary in Broker’s sole judgment for the safety of the tenant(s) or the welfare of the property, BROKER

has authority to institute repairs, even if over the aforementioned limit.

K. To collect from applicants or tenants any or all of the following: application fees, late rent fees, non-sufficient

fund bank fees, re-leasing fees, lease modification fees, default notice fees, or any other fees that may now or

in the future become a tenant(s) obligation. All such fees shall belong to BROKER to offset BROKER’S extra

time and expense for handling additional work and responsibilities related to such fees, and BROKER need not

account for such fees to LANDLORD. Funds collected from tenant(s) each month shall be applied to tenant(s)

obligations chronologically beginning with the earliest obligation incurred.

L. To receive interest on any BROKER trust accounts, and interest received, if any, shall belong to BROKER to

offset BROKER’S time and expense of maintaining such accounts, and agent need not account for such interest

earned to LANDLORD.

M. To render monthly statements to LANDLORD of income and expenses and to disburse to LANDLORD the net

proceeds of such accounting. Statements and financial disbursements will be made monthly-customarily

between the 15

and 20

of each month, but in no case will disbursements be made until tenant(s) funds have

cleared BROKER’S bank. In the event disbursements should be made in excess of income collected,

LANDLORD shall pay back such excess promptly to BROKER.

N. In the event a prospective Tenant places a good faith or holding deposit with BROKER and fails to take

possession, said deposit or portion thereof, if retained, shall be disbursed 50% to LANDLORD and 50% to

BROKER. BROKER retains the sole and exclusive right to refund this deposit to prospective Tenant in full or

part upon the advice of BROKERS legal counsel and LANDLORD agrees to hold BROKER harmless for same.

5. LANDLORD ASSURANCES AND RESPONSIBILITIES:

A. LANDLORD warrants that the property to be managed is a legal rental unit and rental of same will not be in

violation of any ordinances. LANDLORD warrants that he/she/they constitute all of the owners of the property

and will provide a copy of the deed if requested by BROKER. LANDLORD assures that he/she/they have full

power and authority to hire BROKER and have the right to receive income proceeds from the property and that

this power, authority, and right have not been assigned, or transferred to others.

B. LANDLORD shall place in reserve with BROKER one hundred seventy five dollars ($175.00) per property, for

the purpose of maintenance, repairs, or other expenses that may arise, and authorizes BROKER to replenish

this reserve from rents collected.

C. To cooperate fully with BROKER with all applicable building, housing, and health codes, as well as accessibility

regulations. .

D. To indemnify, defend, and save BROKER harmless to all costs, expenses, suits, claims, liabilities, damages,

proceedings, or attorney’s fees, including but not limited to those arising out of any injury or death to any

person or persons or damage to any property of any kind whatsoever and to whomsoever belonging, including

LANDLORD, in any way relating to the rental, leasing, and management of the property or the performance or

exercise of any of the duties, obligations, powers, rights or authority granted to BROKER.

6. INSURANCE/FEES/TAXES/CHARGES: LANDLORD shall pay direct any association fees, taxes, insurance, mortgages,

and other charges. LANDLORD agrees that they shall maintain public liability insurance coverage on the property at all

times in an amount not less than $100,000.00 per person and $300,000.00 per occurrence and shall furnish BROKER with

proof of insurance and a copy of the declaration page within 14 days of the execution of this agreement. LANDLORD

agrees to name BROKER as an additional insured on all policies. LANDLORD agrees to pay BROKER an annual fee of $50.00

if said insurance declaration page is not provided to BROKER. LANDLORD agrees to and does hereby indemnify and hold

harmless BROKER, it's employees, agents and assigns, from any and all claims, suits, damages costs, losses and expenses

arising from the management of the property and from any injury to persons and/or property occurring on or about the

premises. LANDLORD agrees to indemnify BROKER for any damages suffered as a result of any lapse in or failure by

LANDLORD to maintain insurance coverage.

7. UTILITIES: Unless otherwise agreed to by the parties, Tenant(s) are required to have any utilities in their name.

LANDLORD agrees that BROKER shall be in no way responsible for nonpayment of or theft of any utility service by

tenant(s).

Commercial Management Agreement Page 2

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